FameEX, a cryptic crypto exchange platform, was launched in 2018, coinciding with the paradigm shift in digital assets that instigated widespread interest. As the general populace pursued opportunities to speculate and capitalize on the crypto boom, a myriad of dubious service providers emerged. Eventually, financial oversight bodies implemented stringent regulations to bring order to the chaos in the crypto marketplace.
It was during this period of regulatory tightening that FameEX was expected to secure appropriate licensing for their exchange operations. However, this crucial step seems to have been bypassed. The platform’s transparency is severely lacking as it remains uncertain where the company is based and who the individuals behind it are. In a rather facetious approach, the purported management team was introduced via caricatures, with enigmatic and potentially dubious summaries of their professional achievements.
In this comprehensive review of FameEX, we’ll scrutinize the trading and investment conditions offered by this questionable platform. We will delve into the regulatory discrepancies and licensing issues that FameEX conspicuously sidesteps, seemingly dismissing the paramount importance of legal compliance in financial activities.
Is FameEX Scam or Credible?
Unraveling the enigma that is FameEX proves challenging, as there is scant information available. A handful of online reviews fail to provide concrete evidence confirming the platform’s legitimacy. Notwithstanding, they uniformly hail FameEX as highly dependable.
Little to no user testimonials exist, but we will explore these further on. Notably, the only clue about FameEX’s origin, pointing to the US, is sourced from TrustPilot, where the platform appears as a verified entity.
Assuming the US origin information is accurate, FameEX ought to possess a CFTC license for derivatives trading. However, according to the National Futures Association’s (NFA) membership database, FameEX is conspicuously absent. In our quest for any licensure trail, we also searched the registries of the FCA, ASIC, CySEC, CONSOB, and CNMV.
Given the absence of FameEX in Tier 1 regulatory databases and the lack of authorization or regulation information from the company, it’s safe to infer that FameEX operates unlicensed. This suggests that there are no assurances of security or protection for trading and investment activities on the platform. Despite the website’s claims of employing robust security measures, only a Tier 1 license could substantiate this.
Without necessary regulatory approvals, FameEX mirrors other unregulated or potentially fraudulent platforms, akin to Power Trade. It is rational to classify FameEX as an offshore, anonymous entity purveying financial services and products of questionable value and credibility. Consequently, we urge potential investors to prioritize their financial safety by opting for a regulated market operator.
FameEX.com: Geographic Reach
Operating since 2018, FameEX has carved a niche in the market. Over half a decade, they have gained considerable profits from a diverse pool of investors. As the data indicates, FameEX is a global crypto service provider, with users spread across multiple nations and continents. Significant user populations hail from:
- India
- Japan
- United States
FameEX employs strategies to draw in new customers and maintain existing ones. These include ongoing bonuses, promotions, contests, and various reward schemes aimed at entangling clients in their web. Their approach ensures continuous engagement from existing clientele and also promotes affiliate campaigns and referral programs to grow their user base. Their leadership adeptly monetizes every user activity on the platform to fund these customer rewards. However, a key concern lies in the authenticity of these bonuses and promotions, which often turn out to be deceptive or come with hidden costs. This critical issue is discussed in further detail below.
Trader Testimonials
For an entity that has ostensibly achieved considerable success, FameEX remains relatively unknown. There are few user reviews available, with a handful found on TrustPilot. The average rating stands at a mediocre 3, suggesting a lack of customer satisfaction.
As mentioned earlier, user feedback indicates that the bonuses and promotions offered by FameEX are disingenuous. It appears that the platform does not fulfill its reward promises, undermining their credibility. Here’s what a few former customers had to say:
“The app interface is appealing, but it lacks user-friendliness. The campaigns are merely scams to draw more users and fail to deliver the rewards (despite multiple contact attempts with their support, I’m still awaiting a response). Their volumes appear manipulated; I doubt they have much depth, and they lack cash-out options. I wouldn’t trust them with my money, at least for now.”
“BEWARE, THIS IS A SCAM. THEY FAIL TO PAYOUT ANY REWARDS AND WILL MISUSE YOUR DATA.”
The above testimonials illuminate the platform’s dubious nature, and we advise caution when engaging with FameEX. Should you require expert assistance in dealing with FameEX, we’re here to help.
Trading Costs and Commissions
The transaction costs associated with your trading activities are integrated into the prices. The charges levied by FameEX depend on your VIP status, with a total of nine VIP levels. As your expenditures increase, your trading costs decrease. The basic level incurs a 0.1% fee on every completed trade, while higher VIP levels enjoy progressively lower charges.
Deposits on FameEX are free of charge; however, withdrawals carry a cost based on the selected currency. Both the minimum withdrawal amount and the withdrawal fee are determined by the chosen currency. For instance, if you opt to withdraw BTC, the minimum withdrawal amount is 0.01 BTC (approximately 265 USD), and the fee is 0.0004 BTC (approximately 10 USD).
If you intend to purchase crypto on FameEX, brace yourself for additional expenses. For example, while BTC costs around 26,500 USD, it is sold for over 29,500 USD on FameEX!
FameEX Trading Features
Capitalizing on the popularity of crypto trading, FameEX offers a diverse array of services involving this lucrative asset class. Whether it’s spot trading, margin trading, or derivatives trading, the platform provides tools that purportedly simplify participation in any market segment. Each feature will be individually reviewed, delineating the implications for individual traders.
FameEX Platform Overview The FameEX platform, accessible via a web browser, cannot be classified as a standalone software. Powered by the TradingView widget, it displays price movements and available trading currencies, but it lacks advanced options or tools, customization features, and specialized capabilities to enhance your trading experience and give you an edge in various markets.
However, there is also a mobile platform developed by the FameEX team, available for download from the Google and Apple store. It is purportedly designed to simplify trading, investment, and price monitoring, thanks to its comprehensive and rich interface.
FameEX asserts that their app provides better risk and loss control and boasts of its transparency and fairness – common claims across websites dealing with securities and derivatives trading.
Available Trading Assets
As a crypto-centric exchange, FameEX primarily offers various cryptocurrency products. For a fee, you can buy, sell, and exchange a range of instruments, such as BTC, BCH, BNB, ADA, ETH, DOGE, DOT, FLOW, and other minor and major digital assets. In total, there are 78 cryptocurrencies available for trading.
Referral Program
By sharing your unique invitation link, you can potentially earn from the trades performed by your referrals. This commission can amount to 60% of their trading fees. Therefore, the more people you bring into the scheme, the greater your income. This bonus is reportedly paid out hourly, suggesting that by referring customers to FameEX, you could earn a stable income.
These claims would be commendable if they were verifiable and if it were genuinely that straightforward. However, FameEX does not have a separate legal document outlining the workings of their bonuses and promotions. In reality, these schemes serve to tether you to the broker by imposing conditions such as trading volume requirements and additional fees.
How to Withdraw Crypto with FameEX?
FameEX portrays withdrawals as straightforward and quick. While deposits are fee-free, withdrawals are not. Additionally, a minimum withdrawal amount must be available in your trading account before initiating a payout.
Depending on the chosen cryptocurrency, FameEX calculates your withdrawal rates and fees. Judging from the fees list on the FameEX website, withdrawal fees seem relatively low. If the company were trustworthy, these fees could even be considered affordable. However, remember that there is no definitive proof of FameEX’s legitimacy.
The anonymity associated with crypto transactions presents another hurdle. Although these transfers are known for their speed and smoothness, crypto transfers are inherently risky and virtually irreversible. Therefore, obtaining a chargeback could be a significant challenge if you have second thoughts after depositing funds. Nonetheless, our legal team is equipped to overcome this hurdle, so do not hesitate to reach out to us for advice or assistance in withdrawing funds from this platform.
Customer Support
Contacting FameFX is possible solely through the following email addresses, each assigned to different types of queries:
- Bug reports: Safe@mail.fameex.info
- Business inquiries: Business@mail.fameex.info
- Customer service: Service@mail.fameex.info
FameFX’s emphasis on anonymity is evident in its communication channels. The company has not provided any additional contact information on their website. There’s no physical address for their offices or phone numbers for urgent inquiries.
Most platforms feature an online chat for immediate assistance, but this is not available on FameFX. By providing only email contacts, the company ensures they can choose when to respond, often only when they need something from you.
Final Verdict on FameEX Exchange
The primary concerns regarding FameEX revolve around licensing and regulation. Given that this exchange operates without proper authorization, you cannot expect them to adhere to safety protocols and safeguard your funds, a common trait among unlicensed exchanges, with PayBito serving as a prime example.
As unpleasant as it may be, it is plausible that you may encounter withdrawal and other financial issues when dealing with FameEX. Regardless of the problem, our team of legal experts has a solution. Simply schedule an appointment with one of our agents, and you will be directed to the department that specializes in your particular issue. The initial consultation is always free, so don’t hesitate to reach out and share your experiences.
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